Earlier this week, I’d discussed how investors could look to construct a passive-income-oriented portfolio. The Tax-Free Savings Account (TFSA) is a popular vehicle for growth among Canadian investors. However, it can also be a fantastic vehicle for churning out income. Today, I want to discuss how you can generate over $90 per week in passive income in your TFSA. To do this, we’re going to be utilizing all the cumulative room in a TFSA. That rose to $81,500 in 2022. Let’s jump in. Here’s a healthcare stock that offers big income
Extendicare (TSX:EXE) is a Markham-based company that provides care and services for seniors across Canada. Aging demographics in Canada and the rest of the developed world is set to fuel growth in senior care. That has been accentuated during the COVID-19 pandemic . Shares of this dividend stock have climbed 3.7% in 2022 as of late-morning trading on February 9. The stock is up 21% year over year.
Occupancy in Extendicare’s long-term-care (LTC) portfolio continued to show improvement in the third quarter of 2021. Meanwhile, home healthcare average daily volumes rose 11.4% from the previous year. On the business front, it broke ground on its new 256-bed LTC home in Stittsville, Ontario.
This dividend stock closed at $7.64 per share on February 8. In our hypothetical, we’ll snatch up 3,555 shares of Extendicare for a total purchase price of $27,160.20. Extendicare currently offers a monthly distribution of $0.04 per share, which represents a tasty 6.2% yield. These holdings will allow us to generate passive income of $142.20 per month in our TFSA. That works out to $32.81 per week. This REIT is perfect for passive income in your TFSA
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